Globex Mining Enterprises (TSE:GMX) (OTC:GLBXF) announced Tuesday that it swung to a profit in the second quarter, as the company benefited from higher option income.
The Quebec-based company, which owns and options a portfolio of properties throughout North America, reported net income of $0.69 million for the three months ending June 30, or $0.03 per share, compared to a loss of $0.13 million, or $0.01 per share, a year earlier.
Revenues rocketed to $2.56 million, from $0.33 million in the second quarter of 2010. Net option income rose to $2.4 million, up from $0.3 million a year ago, reflecting sales and mining option agreements negotiated this year.
Metal royalty income jumped to $156,917 from $33,600 in the year prior period, representing the ramp up in zinc production at Nyrstar's Middle Tennessee mine.
Exploration expenditures for the latest quarter totalled $785,649. The company said it anticipates spending $1.25 million in the remainder of the year to meet its current flow-through commitments, as it has planned a number of drilling and geophysical activities.
Expenses have been focused on advancing the Talc-Magnesite project near Timmins, Ontario, where it expects to produce an NI 43-101 compliant prefeasibility study by the end of the third quarter.
Just yesterday, the company announced it intersected high grades of copper and zinc, along with additional gold and silver mineralization, at its wholly owned Tonnancour property in Quebec, Canada.
Notable results included 5.23% copper, 13.12% zinc, 41.0 grams per tonne (g/t) silver and 0.718 g/t gold over 4.55 metres, including 0.55 metres grading 4.6% copper, 13.06% zinc, 34.5 g/t silver and 0.56 g/t gold, from hole GT11-01.
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